Sat, 19 Sep 2020

Gold down sharply on vaccine news

12 Aug 2020, 04:51 GMT+10

CHICAGO, Aug. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell sharply on Tuesday as vaccine news encouraged investors.

The most active gold contract for December delivery fell 93.4 U.S. dollars, or 4.58 percent, to close at 1,946.3 dollars per ounce.

Gold posted its steepest daily percentage drop since March as Russian President Vladimir Putin announced on Tuesday that Russia had developed a vaccine for COVID-19 and the Russian health ministry had approved it for use.

The precious metal was under additional pressure as stock market around the globe traded higher, and U.S. treasury bond yields have increased.

A report released by the U.S. Department of Labor on Tuesday showed that the producer price index increased by 0.6 percent in July, compared to falling by 0.2 percent in June and well above the 0.3 percent market forecast.

Silver for September delivery fell 3.212 dollars, or 10.98 percent, to close at 26.049 dollars per ounce. Platinum for October delivery fell 31.3 dollars, or 3.12 percent, to close at 971.4 dollars per ounce.

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